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New York & Tri-State  + New Jersey  + Industrial  |  October 13, 2023
Emily Fu
By: Emily Fu

NJ Industrial Leasing Surges 31% in Q3 

Northern and Central New Jersey’s industrial sector showed resilience in the third quarter, with 5.5 million square feet of leasing activity, a 31% increase compared to the previous quarter and a 19% increase compared to the same period last year, according to CBRE’s Q3 2023 New Jersey Industrial Figures report.  

Average asking rents remained steady for Class A and Class B/C properties. New construction starts have been hampered by an increasing supply of vacant space and higher financing costs, with only two projects totaling 242,000 square feet starting during the quarter, the lowest volume of starts since 2015. Despite challenges, the industrial market in New Jersey continues to perform well. 

Read More News Stories About: CBRE
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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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